Over the past ten years, growth in sub-Saharan Africa’s resource-intensive countries (RICs)—and especially in fuel exporting economies such as Angola, Chad, and Nigeria—has slowed down sharply, falling far below growth in non-RICs (such as Ethiopia, Rwanda, and Senegal). Indeed, incomes in RICs have essentially stagnated. This marks a sharp contrast with the decade leading up to 2014, when RICs experienced rapid growth, in line with the region’s strong overall performance. Check out IMF country focus to learn what’s behind this divergence and what policymakers can do to reignite durable growth. https://lnkd.in/dSxfzKqf
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Fascinating insights from the International Monetary Fund on the contrasting growth patterns in sub-Saharan Africa. It's clear that resource-intensive economies, especially those reliant on fuel exports, are facing a unique set of challenges compared to their non-resource-intensive counterparts. The slowdown in income growth for countries like Angola, Chad, and Nigeria underscores the importance of economic diversification and reducing dependency on volatile resource markets. Investing in sustainable, non-resource sectors could be key to reigniting growth and fostering long-term resilience.